Trend Micro detected more than 82 million ransomware threats in the
first half of the year, along with more than 3,000 BEC attempts,
reinforcing the need for security prioritization. Despite the rising
percentage of security spending in IT budgets, a recent analyst
report by Forrester1 notes that funds are not properly
being allocated to address the growing threats facing enterprises today.

“Enterprises need to prioritize funds for effective security upfront, as
the cost of a breach is frequently more than a company’s budget can
sustain,” said Max Cheng, chief information officer of Trend Micro.
“Major cyberattacks against enterprises globally have continued to be a
hot-button topic this year, and this trend is likely to continue through
the remainder of 2017. It’s integral to the continued success of
organizations to stop thinking of digital security as merely protecting
information, but instead as an investment in the company’s future.”

In April and June, the WannaCry
and Petya
ransomware attacks disrupted thousands of companies across multiple
industries world-wide. The global losses from the attack, including the
resultant reduction in productivity and cost of damage control, could
amount to as much as US$4 billion. In addition, BEC scams raised the
total of global losses to US$5.3 billion during the first half of 2017,
according to the Federal Bureau of Investigation (FBI).

As predicted,
January through June experienced a rise in IoT attacks, as well as the
spread of cyberpropaganda. In collaboration with Politecnico
di Milano (POLIMI), Trend Micro showed it is possible for industrial
robots to be compromised, that could amount to massive financial damage
and productivity loss, proving that smart factories can ill-afford to
dismiss the importance of securing these connected devices. There was
also an increased abuse of social media with the rise of cyberpropaganda.

Given the tools available in underground markets, the spread of Fake
News, or bad publicity, will cause serious financial ramifications
for businesses whose reputation and brand equity is damaged by
cyberpropaganda.

Trend Micro XGen™
security provides proactive protection and guidance for companies
facing these pressing and growing threats with a cross-generational
approach to threat defense. The threats that have manifested throughout
the beginning of 2017 are only a fraction of what is likely to come.
Cybercriminals are getting smarter with their attacks every day and
companies should be prepared by having the appropriate budgets and
solutions in place.

Trend Micro Incorporated, a global leader in cybersecurity solutions,
helps to make the world safe for exchanging digital information. Our
innovative solutions for consumers, businesses, and governments provide
layered security for data centers, cloud environments, networks and
endpoints. All our products work together to seamlessly share threat
intelligence and provide a connected threat defense with centralized
visibility and control, enabling better, faster protection. With more
than 5,000 employees in over 50 countries and the world’s most advanced
global threat intelligence, Trend Micro enables organizations to secure
their journey to the cloud. For more information, visit www.trendmicro.com.